Abstract [en]

The goal of this paper is to study and compare the usage of banknotes and coins in Japan and Sweden during the time period 1980–2015. Using the stakeholder theory, a theory that operationalizes the identification of different actors, stakeholders, and their influences, the development of the banknote and coin usage will be studied. Three different stakeholders are then identified for both countries, the central banks, the banks, and the customers. These stakeholders background and ability to influence are then analyzed. It becomes clear that the customers are the most important stakeholder because they are the stakeholder from which the demand and supply for banknotes and coins arises from. The background in Sweden contra Japan concludes that the japanese customers have less trust in the banks and central banks, which leads them to prefer banknotes and coins over other payment alternatives, while the case in Sweden is the opposite. Therefore, the banknote and coin usage is high in Japan, while it is low in Sweden.